Tennessee Passes New DAO Law

Recently, Tennessee lawmakers passed a law that seeks to bring DAOs and other blockchain investment to the state. Much of the rhetoric surrounding the new legislation passed unanimously by the Tennessee legislature, and now awaiting the governor’s signature, reflects the supposition that DAOs are highly efficient, transparent, and democratic mechanisms for collective governance. To some degree, all of this is true: DAOs are transparent due to their existence on and utilization of blockchains, and DAOs are ostensibly democratic in that members use their respective voting power to vote for or against…